Smart Borrower Blog

Archive for the ‘Student Borrowing’ Category

Student Loan Defaults Could Reach 40% by 2023

Nov 7th, 2018 @ 11:22 AM by Amber Nelson

U.S. student loan borrowers are defaulting at such a steep rate that on the current trajectory as many as 40% of all borrowers could be in default within the next five years, according to a report from the Urban Institute. Student loans now make up the second-largest consumer debt category. Today there are more than […]

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Top 5 Best and Worst States at Managing Debt

Sep 19th, 2018 @ 9:57 PM by Amber Nelson

Researchers have found a wide spread between the states where residents pay off their debts well versus those that don’t. Financial website Credible conducted a survey of over 540,000 borrowers from across all 50 U.S. states and found that credit card bills and student loans along with high housing costs are what keep many Americans from […]

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The Student Loan Programs That Backfired

Sep 5th, 2018 @ 8:38 PM by Amber Nelson

Student loan debt continues to stack up even though there are fewer and fewer people applying for those loans. Student loan applications have plunged 20% over the past six years, while total student debt has skyrocketed by $500 billion in that time to an all-time high of $1.5 trillion. What is going on? Two government […]

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Consumer Household Debt Tops Record High

Aug 16th, 2018 @ 8:31 PM by Amber Nelson

Americans now have more debt than ever before, according to data from the Federal Reserve Bank of New York, but serious delinquency rates have remained near historic lows. Total U.S. household debt now amounts to $13.29 trillion as the of the 2018 second quarter, up 0.6% from the first quarter. This marks the 16th straight quarterly […]

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Proposed Rule Tightens Restrictions on Student Loan Forgiveness

Jul 26th, 2018 @ 8:40 PM by Amber Nelson

Americans with student loan debt may soon have a tougher time getting that debt forgiven in some cases. The U.S. Department of Education has proposed new rules that would place a bigger burden of proof on former students to show that their college misled them about their future employment earnings or opportunities. The Department of […]

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How the New Tax Bill Will Affect Student Loan Borrowers

Dec 20th, 2017 @ 2:52 PM by Amber Nelson

U.S. student loan borrowers will not see increased taxes under the new tax bill being sent to President Donald Trump, a breath of fresh air for those already under a heavy debt burden. “The Senate tax bill represents a significant improvement over the measure passed by the House,” said Ted Mitchell president of the American […]

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Utah Lowest in Nation for Student Debt Per Graduate

Nov 15th, 2017 @ 7:15 PM by Amber Nelson

College graduate debt levels vary greatly from state to state, according to a new study from The Student Loan Report, with students from the Northeast accumulating the most debt and those in the Southwest borrowing the least. Utah graduates took the prize for the very lowest student debt levels last year. Using data from the […]

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Consumer Credit Debt Grows at Fastest Pace in 12 Months

Nov 8th, 2017 @ 6:40 PM by Amber Nelson

U.S. consumer borrowing jumped up in September, according to data from the Federal Reserve, fueled by a surge in auto sales and student loans. Total consumer credit debt rose $20.8 billion in September, or at a 6.6% annualized rate to $3.79 trillion in all. That is the fastest pace since November 2016. September’s growth exceeded […]

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Student Loan Borrowers Struggle to Pay Down Principal

Oct 20th, 2017 @ 1:38 PM by Amber Nelson

Roughly a decade after borrowing money for student loans, 2 out of 5 American borrowers have not made any progress on repaying their debt, according to new data from the Department of Education. The study tracked loans made to U.S. college students in the 2003-2004 academic year and found that repayment rates varied by what type […]

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CFPB Saves 2,000 Borrowers from Illegal Student Loan Lawsuits

Sep 20th, 2017 @ 12:08 PM by Amber Nelson

The Consumer Financial Protection Bureau has halted proceedings on illegal lawsuits filed by National Collegiate Student Loan Trusts, giving financial relief to roughly 2,000 student loan borrowers. The trusts pursued about 94,000 lawsuits against borrowers who defaulted between 2012 and 2016. The lawsuits were on student loans that were either too old to be collected (past […]

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